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Busan to Recruit Applicants for the “Double Joy Savings Account” to Help Young Adults Build Assets

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Busan Metropolitan City (Mayor Park Heong-joon) announced that it will begin accepting applications for the 2025 “Busan Youth Double Joy Savings Account” on July 8.

○ Since its launch in 2022, the program has helped young adults establish a stable financial foundation. During the 2024 round, competition reached 16:1, underscoring strong interest among local youth.

○ By saving KRW 100,000 every month for either 2 or 3 years, participants receive an equal monthly match from the City and can build lump-sum savings of up to KRW 7.2 million or more upon maturity.

Eligibility

Applicants must be working young adults aged 18–39 whose resident registration lists Busan as of July 1. To broaden access, the participant quota has been raised to 6,000 and requirements eased.

• ●Birthdates: 1 Jan 1985 – 31 Dec 2007

• ●Income: monthly earnings of KRW 3.59 million or less (150 % of the median income), assessed via the applicant’s national health-insurance contribution

• ○Health-insurance threshold:

• ■Employees: KRW 127,230

• ■Self-employed: KRW 58,386

• ●Employment: applicants must be covered by at least one of the four major social-insurance schemes (employees, business owners, or self-employed). For daily workers, eligibility now requires a total of at least 20 working days across the previous month and the announcement month.

Application Procedure

From 09:00 on July 8 to 18:00 on July 23 (16 days), eligible applicants can complete and submit the online form—without supporting documents—through the official website, www.boogi2.kr.

Selection and Schedule

Final participants will be chosen by random lottery and eligibility screening, with results announced on September 4. Selected youth will sign participation agreements and start their first deposits in mid-September.

• ●Individual results will be posted on the program website.

• ●For details, contact the call center (☎ 1833-3044) or use the website’s 1:1 inquiry board.

Additional Support

Beyond matched savings, Busan Metropolitan City will provide:

• ●Online financial-literacy courses

• ●In-person financial workshops on topics relevant to youth

• ●One-on-one financial counseling linked to the Youth Credit-Recovery Support Program

Kim Gwi-ok, Director General of the Youth & Industrial-Academic Support Bureau, remarked:

“We hope the ‘Busan Youth Double Joy Savings Account’ goes beyond financial support and becomes a springboard for young adults to develop asset-management skills and plan for the future. Busan Metropolitan City will continue to invest in making our city a place where young people stay to pursue and realize their dreams.”